The Government of Canada is providing a cash boost of more than CAD$2.1 million (£1.2m) to support the Energy Transition Centre in Alberta.
The funding will enable the University of Calgary and private sector partner Avatar Innovations to create an innovation hub that advances the development of clean energy technologies.
The funding will strengthen collaboration and attract private sector investment that will help grow businesses operating in the clean technology sector in Alberta.
It is expected to contribute to creating at least 25 new businesses over the next three years.
A recent Alberta Energy Transition Study suggests the clean technology sector could create 170,000 jobs and contribute CAD$61 billion (£35.8bn) to gross domestic product by 2050 in Alberta alone.
The government is also providing an additional CAD$900,000 (£528,107), which will enable the Foresight Clean Technology Accelerator Centre to provide training and investment initiatives that clean technology firms at various stages of scaling up need to grow and capture global market share.
Daniel Vandal, Minister of Northern Affairs, Minister responsible for Prairies Economic Development Canada and Minister responsible for the Canadian Northern Economic Development Agency said: “The Government of Canada is making strategic investments to build on Alberta’s strengths in clean technology, including its talent, energy expertise and emerging capabilities in energy transition.
“Our support for an Energy Transition Centre in the heart of downtown Calgary and a proven accelerator for clean technology companies will help ensure that Alberta businesses can capitalise on these advantages and capture significant global market share in the clean technology sector.”